Gemini Selects Dublin, Ireland, as the Base for EU Expansion
- Cameron and Tyler Winklevoss confirmed that Gemini has selected Dublin, Ireland, as its base of operations for EU expansion.
- The two entrepreneurs also met with Ireland’s Prime Minister Leo Varadkar to discuss the establishment of the Irish base.
- The decision was made due to Ireland’s robust regulatory system, deep talent pool, and established technology community.
- Varadkar said that this “is significant for Ireland as the government focuses on innovation as a driver of growth.”
Popular crypto exchange Gemini has plans to expand operations in the European region after facing strong opposition from regulators in the United States over its Earn product, which allowed customers to earn money on their crypto deposits. Interestingly, the crypto exchange founded by twins Cameron and Tyler Winklevoss confirmed that it will be expanding its operations in Europe and has selected Dublin, Ireland, as its base for the expansion. It is important to note that the crypto exchange is also focused on the Asian crypto market.
As per the confirmation from Cameron and Tyler Winklevoss, who founded Gemini in 2014, they have chosen Ireland as Gemini’s base for European expansion because of its robust regulatory system, deep talent pool, and established technology community. Moreover, the two entrepreneurs also met with Ireland’s Prime Minister Leo Varadkar to discuss the establishment of the crypto exchange’s base in the region.
Gemini was the first crypto exchange to be approved by the Central Bank of Ireland as a Virtual Asset Service Provider (VASP). However, the chief of the Central Bank called for a ban on advertising crypto assets due to the rising number of scams and collapses in the crypto industry during the 2022 crypto winter.
As per Finder’s official statistics, around 10% of Irish adults currently have exposure to cryptocurrencies. However, this is significantly down from the 2021 crypto market bull run, when over 12% of Irish adults had exposure to digital assets. Finder crypto specialist James Edwards stated that following the huge drop in the price of Bitcoin at the start of May and June 2022, the number of people holding cryptocurrency in Ireland was not as severe as expected.
However, this hasn’t deterred Gemini from setting up shop in the region and expanding in the European Union. Prominent crypto exchanges Binance and Kraken have also initiated operations in Ireland, along with several crypto and blockchain startups.
Prime Minister Varadkar said that Gemini selecting Ireland as its base for European operations “is significant for Ireland as the government focuses on innovation as a driver of growth.” On the other hand, Cameron Winkless stated that, as per his beliefs, “Ireland is our entry point into the EU.”
“We looked at all of the EU as potential entry points, and we felt really comfortable with Ireland and the reputation of the regulator, the CBI, as well as the technology community and talent and the ecosystem. So for us, it was an obvious natural fit,” said Cameron Winklevoss.
More importantly, the Winklevoss twins believe that following the implementation of the new Markets in Crypto-Assets Regulations (MiCA) in the European Union, it will increase its headcount in the region, predicting that crypto adoption will skyrocket following the rollout of the regulatory framework.
“I think you’re gonna get a Cambrian explosion of innovation [in Europe as a consequence of MiCA],” said Cameron Winklevoss.
However, this is not the only regional hub that Gemini has announced in the past few weeks. Recently, the crypto exchange confirmed that it will establish an office in Gurgaon, India, and also hire local talent to expand operations in the Southeast Asian country. As per a previous report from BitcoinWisdom, Cameron Winklevoss left his spot on Gemini Europe’s board of directors in October 2022. A filing was made with Companies House to reflect the change.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
